中国民营经济融资困境的理论解析及政策出路

Theoretical Analysis and Strategic Study of Financing Dilemma for Non-governmental Economy in China

民营经济是目前中国最具活力的增长极 ,然而它对国民经济发展的贡献和获得的金融资源却极不相称。作为渐进改革的一种内生现象 ,金融体制特殊变迁路径下的信贷和证券市场融资向国有经济部门实行政策倾斜 ,而对民营经济设置过高的融资壁垒 ,由此形成融资制度悖论。笔者对当前专家学者主张的融资解困主流观点提出质疑 ,认为从金融制度变迁的角度看 ,只有那些内生于非国有经济内部的金融制度安排才最有意义。

Non-governmental economy plays an important role in China's economy. Its contribution to the development does not match the financing resources it gets. As an endogenous phenomenon in the gradual reform, favorable policies are adopted toward state-owned business in credit and security market, high barriers are constructed to the financing of non-governmental economies. This paper proposes arguments towards the main standpoints of the experts and scholars, and points out that endogenous financial institution is more suitable to meet the financing demand of non-governmental economy.